Saudi Arabia announces 955 billion riyal budget for 2022

The Kingdom expects 7.4 per cent economic growth in 2022

By Agencies

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AP file
AP file

Published: Mon 13 Dec 2021, 12:07 AM

Last updated: Mon 13 Dec 2021, 12:08 AM

Saudi Arabia approved on Sunday its 2022 national budget which expects revenues to reach 1.045 trillion riyal, and total expenditure of 955 billion riyal, the state news agency reported.

Saudi Arabia will tap debt markets next year mainly to refinance maturing debt, Finance Minister Mohammed Al Jadaan said on Sunday. “We’ll still tap the market: mainly for refinancing what is maturing next year,” he told reporters.

The Kingdom expects 7.4 per cent economic growth in 2022, according to its budget document, a rapid recovery from this year when growth was tampered by the Covid-19 pandemic.

The economy is projected to grow at 2.9 per cent in 2021, the budget document said.

“It is about a lot of efforts that the government has done to enable the private sector,” Mohammed Al Jadaan said. “Confidence is coming back, the level of consumption is coming back at levels way beyond even 2019.”

In a statement, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, stressed that the economic transformation journey adopted by the Kingdom’s government continues to meet the achievements and targets per the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The budget was a confirmation of the results achieved from economic and financial reforms aimed at promoting economic growth and financial sustainability towards a vibrant society, a prosperous economy, and an ambitious nation.

He said the government is committed in the 2022 budget to the planned spending in the medium term, which was previously announced last year, and expects to achieve budget surpluses for the fiscal year 2022, through completing work on developing the financial planning process and raising spending efficiency, in addition to developing various sources and more stability of government revenues, which supports the objectives of the Financial Sustainability Programme that seeks to complete the march towards enhancing economic stability and sustainability in the medium and long terms.

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